BACKER_ELECTRIC_COMPANY_L

BACKER ELECTRIC COMPANY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

1,220,544

1,212,519

Investments

76,596

1,297,140

1,289,115

Current assets

Stocks

448,044

414,872

Debtors

4,758,069

4,476,990

Cash at bank and in hand

167,089

90,323

5,373,202

4,982,185

Creditors: amounts falling due within one year

(1,168,544)

(982,771)

Net current assets

4,204,658

3,999,414

Total assets less current liabilities

5,501,798

5,288,529

Creditors: amounts falling due after more than one year

(967,368)

(1,000,419)

Provisions for liabilities

(15,000)

(7,000)

4,519,430

4,281,110

Capital and reserves

Called up share capital

605,284

Share premium account

4,875

Revaluation reserve

358,691

370,138

Profit and loss account

3,550,580

3,300,813

Shareholders' funds

4,519,430

4,281,110

BACKER ELECTRIC COMPANY LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 2 -

For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 1 September 2016

Mr I E Jones

Director

Company Registration No. 432388

BACKER ELECTRIC COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

2% on cost

Plant and machinery

20% on cost and 10% on cost

Motor vehicles

25% on cost

The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Stock and work in progress

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete and damaged stock where net realisable value is less than cost.

1.8

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

BACKER ELECTRIC COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

Accounting policies

(Continued)

- 4 -

1.9

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.10

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.11

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

BACKER ELECTRIC COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 5 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 January 2015

3,892,186

76,596

3,968,782

Additions

58,595

At 31 December 2015

3,950,781

76,596

4,027,377

Depreciation

At 1 January 2015

2,679,667

Charge for the year

50,570

At 31 December 2015

2,730,237

Net book value

At 31 December 2015

1,220,544

76,596

1,297,140

At 31 December 2014

1,212,519

76,596

1,289,115

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Company name: Backer Inversiones SA

Country of incorporation: Spain

Nature of business: Property development

Proportion of shares held: 100% of issued ordinary shares

Aggregate capital & reserves at 31st December 2015: (€851,106)

Loss for the year ended 31st December 2015: €298,085

Company name: Wireohms (Universal) Limited

Nature of business: Dormant

Proportion of shares held: 100% of issued ordinary shares

Company name: Backer Distribution Limited

Nature of business: Dormant

Proportion of shares held: 100% of issued ordinary shares

Debtors

Debtors include an amount of £4,185,795 (2014 - £3,971,498) which is due after more than one year.

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £1,328,327 (2014 - £1,356,992).

BACKER ELECTRIC COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 6 -

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

798,701

827,500

The aggregate amount of creditors for which security has been given amounted to £1,328,327 (2014 - £1,356,992).

Share capital

2015

2014

Allotted, called up and fully paid

550,260 Ordinary of 10p each

55,026

550,258 Deferred ordinary of £1 each

550,258

605,284

Ultimate parent company

The immediate parent company is Laxsound Limited, a company registered in England and Wales.

Temple Trust Limited (incorporated in British Virgin Islands) is regarded by the directors as being the company's ultimate parent company.